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Mike Novogratz, the founder and CEO of Galaxy Digital compared the listing of Coinbase’s shares on Nasdaq to the beginning of a new age in the espousal of digital assets.
In a recent interview with CNBC’s Squawk Box, Novogratz called the much-anticipated IPO of the biggest digital currency exchange’s shares “the Netscape moment for the cryptocurrency economy.” Novogratz was referring to the tech corporation behind one of the initial Internet browsers — Netscape Navigator, whose stock price rapidly increased from twenty eight dollars to seventy five dollars on the first day itself.
Referring to the Coinbase IPO, Novogratz says, “This is a really important day for the whole crypto world. This is saying ‘this is an asset class, and it’s an asset class that’s here to stay. This is the netscape moment for the cryptocurrency economy.”
Squawk Box tweeted, “Institutions are going to come flooding into this space — $COIN is the first big marquee equity that mutual funds are going to say hey I can make my statement in crypto this way.”
Novogratz further mentioned, “Institutions are going to come flooding into this space. We’re seeing it every day. We’re seeing it in Bitcoin, we’re going to see it in the public equity markets. Coinbase is the first big marquee equity that mutual funds are going to say ‘hey, I can make my statement in crypto this way.'”
Notably, Class A shares of Coinbase are listed under the ticker COIN and got an initial opening at a price of three hundred and eighty-one dollars on Nasdaq. Should the stocks trail in Netscape’s footsteps, it would be essential for the price to increase by around one hundred and sixty seven percent at some point in its 1st day, making one share of COIN worth approximately 636 USD.
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